Walgreen Buys Drugstore.com For $409 Million In Cash
Walgreens was founded in 1901 by Charles Walgreen Sr. Walgreen purchased the Chicago drugstore where he had worked as a pharmacist. His ambition fueled the start of the drugstore chain and has expanded since. About 100 years later, Walgreens opened it’s 3,000th store. Walgreens was also the first drugstore chain to offer prescription labels in multiple languages, across the nation. Today, you can pick up your prescription in any one of 14 different languages.
The well known drugstore has announced this morning that they will buy the online retailer Drugstore.com for 409 million dollars in cash. Those who previously had stock in Drugstore.com (trading symbol: DSCM) enjoyed a 113% stock increase of $3.80 over yesterday’s closing rate. Drugstore.com enjoyed $456 million in sales during the year of 2010, bringing it to the number 8 spot of largest online retailers in the U.S. If the domain’s success continues like this, Walgreen’s new purchase should pay for itself within a few years. The deal is estimated to close in June.